Rivian (RIVN) deliveries flat in Q2 ahead of H2 2024 ramp up

Electrical automobile maker Rivian (RIVN) delivered almost 13,800 EVs within the second quarter of 2024. Though Q2 deliveries remained flat from Q1, Rivian plans to ramp up output within the second half of 2024. Right here’s what to anticipate.

Rivian releases Q2 2024 deliveries

Rivian delivered 13,790 automobiles in Q2, up barely from the 13,588 handed over within the first three months of 2024. Nonetheless, it’s down from the 13,972 delivered in This fall 2024.

The slowdown was anticipated as Rivian shut down its Regular, IL manufacturing plant for upgrades. Rivian anticipated Q2 deliveries to be within the 13,000 to 13,300 vary.

Rivian says the modifications will considerably scale back prices whereas boosting effectivity. In different phrases, Rivian will be capable of get automobiles out faster, at a decrease value.

CEO RJ Scaringe has already warned traders that the second quarter might be “messy” amid the plant shutdown.

Rivian produced 9,612 automobiles in Q2, down from 13,980 in Q1 and 17,541 within the fourth quarter of 2023. Nonetheless, it was sufficient to high its steering of 9,100 to 9,300 items.

In the meantime, Rivian mentioned it stays on observe to hit its 57,000 manufacturing purpose in 2024. Rivian will launch its Q2 monetary outcomes on August 6, 2024, after the market closes.

Throughout its first Investor Day final week, Rivian gave us a glimpse into the EV maker’s future. Rivian reaffirmed it expects its first gross revenue in This fall 2024.

Rivian’s inventory surged following a new partnership with Volkswagen. The brand new pact earned Rivian new backing from a number of analysts, together with Dan Ives from Wedbush. Ives mentioned the VW deal may “change the sport for Rivian” because it strives for its first revenue.

Trying additional out, Rivian’s next-gen R2 is predicted to considerably increase its market. Following the R2 launch in early 2026, Rivian expects manufacturing capability to achieve 215,000, up from 150,000 presently.

The R2 will account for 155,000, whereas R1T and R1S are anticipated at 85,000. Rivian’s industrial van will account for the remaining 65,000.